SZ9 
£53o 


Speech  ...  at  Lockerby  Hall, 
Grand  Rapids,  Michigan,.. 
October  29th,  1896 


Willis  Geo .  Emerson 


EMERSON  ON  SOUND  MONEY. 


-SPEECH- 


...OF. 


Hon.  Willis  Geo.  Emerson 


-AT- 


Lockerby  Hall,  Grand  Rapids,  Mich 


REPLYING    TO   "COIN"    HARVEY. 


UXDER    AUSPICES 

Young  Mais  Republican  Club. 


OCTOBER   29th,   1896. 


Republican   National  Committee, 

Publication  and  Printing— Perry  S.  Heath. 


Chicago,  111.,  October  30th,  1896. 

Hon.  Willis  George  Emerson, 

709  Chamber  of  Commerce  Building; 

Chicago,  111.: 
My  Dear  Sir: 

Permit  me  to  congratulate  you  on  your  able  and  patri- 
otic speech  delivered  in  Lockerby  Hall,  Grand  Rapids,  Mich.  It 
was  a  magnificent  presentation  of  the  doctrines  of  protection,  sound 
money  and  reciprocity,  and  an  unanswerable  refutation  of  the  false 
theories  advanced  by  Coin's  Financial  School  and   other   free  silver 

theorists. 

Very  sincerely  yours, 

Perky  S.  Heath. 


. .  : : ::  ..:  .•  .  .; :    :  ;♦.    *.    #;  .•  •.    -m : 
•  *.•• •♦    »•    . .  .^     *    ••••     ■• 

5  •••••••  •••»••         -S*.*  •*.*.# 


SPEECH     OF 

Hon.    Willis  George  Emerson, 


\ 


LOCKERBY    HALL,    GRAND   RAPIDS,   MICHIGAN. 

OCTOBER     29,    1896. 


Mr.  Chairman,  Ladies  and  Gentlemen— I  am  indeed  pleased  to 
meet  such  a  magnificent  audience    in    this    manufacturing    city    of 
Grand  Rapids,  noted  from  ocean  to  ocean  for  her  culture,  commerce 
and   progress.     Especially  am  I  pleased  to  speak  in  your  city  in  be- 
half of  sound  money,  protection  and  reciprocity,  under  the  auspices 
of   the   Young   Men's  Republican  Club.     I  bring  you  greeting  from 
'   the  state  of  Illinois,  and  promise  you  that  she  will  give  a  majority  of 
150,000  on  next  Tuesday  for  William  McKinley.     I  am  proud  to  hail 
from  the  grand  old  state  of  Illinois— a  state  that  gave  to  our  common 
country  in   the   darkest   days  of  our   nation's   history,  Logan,  that 
matchless  civilian  general ;  gave  the  unconquerable  Grant,  the  tanner 
from  Galena,  and  offered  up  as  a  holy  sacrifice  the  "rail-plitter"  pres- 
^'   ident  from  the  Sangamon  bottoms— Abraham  Lincoln.     But  to-night 
I  remember  that  I  am  in  the  state  of  Michigan— magnificent   com- 
monwealth—almost illimitable  in  her  resources,  unconquerable    in 
\    her  courage,   phenomenal   in   her  progress,  invincible  in  her  pluck, 
J  unswerving  in  her  patriotism,  the  home  of  the  gallant  Alger,  and  the 
J  former  abode  of  that  matchless   statesman  and  patriot— the   gifted 
w  Zach  Chandler.     Fellow  citizens,  we  are  in  the  closing  days  of  the 
^M  most  momentous  political  campaign  ever  witnessed  in  our  common 
\  country.     He  who  would  question  the  sincerity  or  honesty  of  a  politi- 
cal opponent's   views  in  this  crusade  must  for  the  time  being  forget 
the  school  house   on  the  hill  and  the  high  plain  of  intelligence  of 
American  citizenship. 

Knows  "Coin"  Harvey. 

Hon.  W.  H.  Harvey,  author  of  Coin's  Financial  School,  is  a  gen- 
tleman I  have  known  for  many  years,  and  for  as  many  years  as  we 
have  known  each  other,  we  have  been  warm  personal  friends.  To- 
ward the  man  I  entertain  the  greatest  respect;  toward  his  theories  1 
regard  them  as  idle,  visionary  sophistries  as  unstable  as  "the  house 
that  was  built  upon  sand."  The  student  who  really  gives  thought  to 
the  financial  question  will  early  discover  that  Coin's  Financial  School 
rests  upon  a  false  foundation  and  the  superstructure  must  surely  fall 


389226 


when  beat  against  by  the  irresistable  and  truth  capped  waves  of  facts 
and  history.  No  better  answer  can  be  given  to  these  misleading  and 
false  theories  than  a  plain,  truthful  statement  of  our  coinage  laws 
and  the  effect  of  legislation  relating  thereto.  Fellow  citizens,  what- 
ever else  we  may  be,  we  are  all  Americans,  either  by  birth  or  adop- 
tion; we  respect  and  love  the  same  flag  and  the  undying  principles 
which  it  represents.  We  do  not  differ  in  a  desire  for  good  govern- 
ment. We  may  differ  and  differ  widely,  however,  in  our  opinions 
and  ideas  as  to  what  laws  will  insure  the  greatest  blessings  to  the 
people  of  this  nation.  Fortunately  for  the  Republican  party  the 
American  people  are  a  reading  and  a  thinking  people,  and  the  prob- 
lems of  the  present  campaign  are  now  on  trial  before  a  jury  of  70,- 
000,000  of  honest  peers,  not  one  of  whom  am  I  willing  to  believe 
would  wantonly  strike  down  the  flag  of  our  country,  or  any  of  its 
cherished  institutions. 

The  People  a  Jury. 

This  audience  is  a  part  of  that  great  jury,  who,  after  the  evi- 
dence is  all  in,  will  decide  one  way  or  the  other,  with  an  avalanche 
of  snowy  ballots,  as  spotless  in  their  purity  as  the  honest  hearts  of 
the  voters  who  cast  the  verdict  into  the  ballot  boxes.  As  Americans 
we  are  justly  proud  of  our  birthright — proud  of  the  air  of  freedom 
that  kisses  the  stars  and  stripes — our  nation's  ensign,  emblematical 
of  mighty  victories  in  the  past,  a  guarantee  of  protection  in  the 
present  to  all  who  stand  beneath  its  folds  and  laden  with  rich  prom- 
ises of  future  prosperity.  Our  country  is  greater  than  the  men 
whose  election  it  is  our  pleasure  to  advocate.  It  is  not  men  but 
measures  which  we  are  to  consider.  An  earnest  conscientious  de- 
sire to  investigate  and  determine  the  right,  should  absorb  and  thrill 
the  heart  of  every  patriotic  American  voter.  The  great  parties  in 
the  present  campaign  do  not  differ  so  much  in  regard  to  the  amount 
of  money  as  they  do  in  regard  to  its  quality.  "It  is  not  the  medium 
of  exchange  so  much  as  it  is  an  active  exchange  of  the  medium  it- 
self." On  the  tariff  question  we  do  not  differ  in  schedules,  but  prin- 
ciples— principles  which  we,  as  republicans  believe,  involve  the  wel- 
fare of  all  our  people  and  the  prosperity  of  all  classes.  Personally 
I  have  every  respect  for  a  conscientious,  earnest  opponent  in  this 
crusade  of  education,  and  while  honestly  differing  from  them,  yet 
will  endeavor  to  wound  the  feelings  of  none.  If  I  speak  bitterly  of 
doctrines  which  I  believe  to  be  pernicious  in  theory  and  ruinous  in 
practice,  do  me  the  justice  of  not  interpreting  my  remarks  as  in  any 
sense  personal. 

Moral  Questions  Involved. 

Fellow  citizens,  this  is  a  campaign  embracing  both  political  and 
moral  questions.    It  is  a  political  conflict,  which   the   people  will 


sooner  or  later  acknowledge  to  be  one  of   patriotism.     A  moral  con- 
flict, which  they  will  acknowledge  to  be  indeed  sublime. 

WE  MUST  NOT  FORGET  THAT  PATRIOTISM  IN  TIME  OF 
PEACE  IS  A  SCARCER  ARTICLE   THAN  IN  TIMES    OF  WAR. 

In  the  guise  of  citizens  men  like  "Com"  Harvey  are  attempting 
ignorantly  or  otherwise  to  undermine  and  overthrow  our  nation's 
honor  and  credit,  and  it  is  these  alone  that  can  perpetuate  our  libert- 
ies and  insure  us  prosperity. 

THE  REPUBLICAN  PARTY  COMES  BEFORE  THE  AMER- 
ICAN PEOPLE  ADVOCATING  THE  MAINTENANCE  OF  THE 
GOLD  STANDARD  AND  THE  USE  OF  SILVER  AS  MONEY,  IN 
THE  LARGEST  VOLUME  POSSIBLE,  CONSISTENT  WITH  SAF- 
ETY; ADVOCATING  THE  MAINTENANCE  OF  OUR  NATION'S 
HONOR  AND  CREDIT;  ADVOCATING  A  TARIFF,  NOT  FOR 
REVENUE  ONLY,  BUT  A  PROTECTIVE  TARIFF  THAT  WILL 
ENCOURAGE  DOMESTIC  INDUSTRIES  AND  GIVE  EMPLOY- 
MENT TO  ALL  OUR  PEOPLE;  ADVOCATING  RECIPROCITY, 
A  DOCTRINE  WHICH  WILL  OPEN  AN  UNLIMITED  MARKET 
FOR  THE  AMERICAN  FARM  AND  THE  AMERICAN  FACTORY 
-A  DOCTRINE  BEQUEATHED  TO  THIS  GENERATION  BY 
THE  NOW  SAINTED  JAMES  G.  BLAINE. 

Upon  these  issues  the  Republican  party  comes  confidentially  to 
the  people,  asking  for  their  suffrage,  appealing  not  to  their  prejudice 
but  to  their  reason,  not  to  their  passions,  but  to  their  judgment.  In 
this  holy  crusade  we  are  lead  by  that  valiant  champion  of  the  peo- 
ple's rights,  "'that  advance  agent  of  prosperity,"  Maj.  William  Mc- 
Kinley.  On  the  other  hand  we  find  the  Bryanized  democrats,  popu- 
lists, and  believers  in  Coin's  Financial  School  arrayed  in  a  solid  pha- 
lanx against  these  cherished  principles  which  we  so  ardently  believe 
in. 

Wilson  Law  Closed  Factories. 

The  repeal  of  the  McKinley  law  in  1S93  closed  down  factories  and 
manufactories  by  the  hundred  and  deprived  tens  of  thousands  of 
American  workmen  of  employment. 

UNDER  THE  OPERATIONS  OF  THE  MC  KINLEY  LAW  THE 
WAGE  EARNERS  OF  THE  UNITED  STATES  WERE  RECEIV- 
ING EVERY  SATURDAY  NIGHT  A  LITTLE  OVER  $41,000,000. 
UNDER  THE  OPERATION  OF  THE  WILSON  LAW  THEY  ARE 
RECEIVING  A  LITTLE  LESS  THAN  $19,000,000  AS  A  SATUR- 
DAY NIGHT  PAY  ROLL,  A  FALLING  OFF  OF  OVER  $22,000,- 
000  PER  WEEK  TO  THE  WAGE  EARNERS  OF  THIS  COUNTRY, 
if  you  ask  me  what  has  been  the  most  unfortunate  and  appall- 
ing result  ot  this  wonderfully  shrunken  pay  roll,  I  will  answer  by 
saying  that  American  workingmen  by  the  thousands  have  lost  the 
roof  that  covered  their  heads  for  themselves  and  families,  have  been 
turned  into  the  highways  and  are  beggars  to-day  in  the  most  unfort- 
unate sense  of  the  word.  The  questions  of  free  trade  and  protection 
however,  have  practically  been  relegated  into  the  background  this 
year,  and  the  sixteen-headed  monster  ot  free  silver  pushed  to  the 
front. 

5 


FELLOW  CITIZENS,  FREE  TRADE  AND  FREE  SILVER 
ARE  TWIN  SISTERS  OF  INFAMY,  THE  ASSERTIONS  OF  MR. 
HARVEY  TO  THE   CONTRARY  NOTWITHSTANDING. 

It  was  the  province  of  the  Republican  party  four  years  ago  to 
send  forth  its  protests  and  warnings  against  free  trade,  and  to-day 
with  equal  vehemence  it  is  sending  forth  its  warnings  against  destroy- 
ing the  high  standard  of  our  nation's  finance,  and  reducing  this 
country  to  a  second  class  basis  of  silver  monometallism. 

Bread  and  Butter  the  Issue. 

FELLOW  CITIZENS,  THE  PAPER  ISSUE  IN  THIS  CAM- 
PAIGN IS  ONE  OF  FINANCE,  BUT  THE  REAL  ISSUE  IS  ONE 
OF  BREAD  AND  BUTTER.  FREE  TRADE  DURING  THE  LAST 
THREE  YEARS  HAS  PAUPERIZED  ITS  TENS  OF  THOU- 
SANDS, BUT  THIS  FREE  SILVER  CRAZE,  IF  PLACED  UPON 
OUR  STATUTE  BOOKS,  WILL  PAUPERIZE  ITS  HUNDREDS  OF 
THOUSANDS. 

My  friends,  I  believe,  and  believe  most  earnestly,  with  every 
throb  of  my  heart,  that  in  the  present  campaign  the  Republican 
party  is  the  only  true  friend  silver  has.  We  seek  to  elevate  the  sil- 
ver dollar,  our  opponents  seek  to  debase  it.  The  Republican  party 
has  provided  a  redeemer  for  every  silver  dollar.  Our  opponents 
seek  to  destroy  and  alienate  this  redeemer.  If  the  silver  dollar  was 
not  exchangeable  with  gold,  it  would  not  be  worth  any  more  than  a 
Mexican  dollar,  or  not  as  much,  for  there  is  less  silver  in  it.  Coin's 
Financial  School  and  free  silver  advocates  generally,  have  much  to 
say  about  the  money  of  the  constitution.  Let  me  say  to  you,  the 
money  of  the  constitution  was  based  upon  the  relative  market  value 
of  the  two  metals.  The  history  of  the  last  404  years,  from  1492  to 
1896,  is  replete  with  evidence  proving  beyond  the  question  of  a 
doubt  that  the  relative  or  market  value  of  these  metals  is  continu- 
ally changing.  When  Columbus  discovered  America  in  1492,  ten 
ounces  of  silver  would  purchase  one  ounce  of  gold;  when  the  Pil- 
grim Fathers  landed  on  the  rocky  and  barren  coast  of  New  England 
in  1620,  thirteen  ounces  of  silver  would  purchase  one  ounce  of  gold; 
in  1792  fifteen  ounces  of  silver  would  purchase  one  ounce  of  gold. 
In  1873  one  ounce  of  gold  would  not  purchase  sixteen  ounces  of  sil- 
ver. To-day  one  ounce  of  gold  will  purchase  almost  thirty-two 
ounces  of  silver. 

THIS  FLUCTUATION  OF  VALUES  OF  THE  TWO  METALS 
IS  CONTROLLED,  NOT  BY  LAWS  WE  SPREAD  UPON  OUR 
STATUTE  BOOKS,  BUT  BY  THE  LAW  OF  SUPPLY  AND  DE- 
MAND, GOVERNED  BY  THE  COST  OF  PRODUCTION. 

Jackson   and  Jefferson. 

The  patriotism  and  statesmanship  of  Andrew  Jackson  and 
Thomas  Jefferson  were  untainted  in  1792  by  the  dangerous  influence 
of  a  coterie  of  silver  barons.  They  simply  ascertained  as  nearly  as 
they  could  the  relative  or  market  value  of  the   two   metals,  and  de- 

6 


termined  the  legal  from  the  commercial  ratio,  placed  them  side  by 
side  and  started  our  mints  going  with  the  unlimited  coinage  of  gold 
and  silver  at  the  ratio  of  15  to  i.  As  a  matter  of  fact  they  had  over- 
valued silver;  that  is  to  say,  the  gold  dollar  was  worth  100  cents,  but 
the  silver  dollar  was  only  worth  9S  cents.  Now  the  rank  and  file  of 
our  forefathers  cared  very  little  about  the  discrepancy  of  the  2  cents 
on  the  dollars,  but  the  money  changers  were  abroad  in  the  land  in 
1792,  the  same  as  they  are  in  1896,  and  whenever  a  gold  coin  came 
into  their  possession  it  was  quietly  retired  from  circulation.  In  other 
words,  the  cheaper  money  drove  out  of  circulation  the  higher  priced 
money,  and  as  a  result,  we  had  silver  as  the  only  hard  money  cur- 
rency circulating  in  this  country  from  1792  to  1834.  Let  me  quote 
Thomas  Jefferson's  own  words.  In  speaking  of  the  ratio  of  the  two 
metals,  he  says: 

"THE  PROPORTION  BETWEEN  THE  VALUES  OF  GOLD 
AND   SILVER  IS  A  MERCANTILE   PROBLEM  ALTOGETHER." 

What  statement  could  be  clearer  and  more  concise  than  that? 
It  being  a  mercantile  problem,  it  of  course  was  understood  to  be 
subject  to  fluctuation  and  change.  Accordingly,  in  1834  our  fore- 
fathers concluded  as  their  first  attempt  at  a  double  standard  had 
utterly  failed  in  keeping  the  two  metals  circulating  side  by  side  as 
money,  that  they  would  change  the  ratio  from  15  to  1  to  16  to  i,which 
they  did.  It  seems  this  ratio  undervalued  silver,  that  is  to  say,  the 
gold  dollar  was  still  worth  100  cents,  but  the  silver  dollar  was  worth 
from  102  to  103  cents.  Gold  at  once  became  the  hard  money  circu- 
lating medium  in  this  country,  silver  the  higher  priced  money,  was 
entirely  retired  by  the  money  changers,  bullion  dealers  and  silver- 
smiths. This  is  another  illustration  where  the  cheaper  money  drove 
out  of  circulation  the  higher  priced  money. 

Greenbacks  Were  Cheap  Money. 

In  1861  our  country  was  engaged  in  civil  war,  and  the  green- 
backs were  issued  as  money,  and  were  at  once  looked  upon  as  a 
cheaper  money  than  either  gold  or  silver  and  immediatelydrove 
both  gold  and  silver  out  of  circulation  and  kept  them  out  of  circu- 
lation for  seventeen  years,  or  until  we  resumed  specie  payment  in 
1879.  The  history  of  these  seventeen  years  is  another  instance  where 
the  cheaper  money  was  victorious  and  drove  out  of  circulation  the 
higher  priced  money.  Mr.  Harvey  no  less  than  four  times  in  his 
recent  speech  in  this  city  gave  the  following  definition  of  bimetal- 
lism: "Bimetallism  is  the  right  to  use  either  of  the  two  metals  for 
money."  This  condensed  answer  bears  about  the  same  relation  to 
the  correct  definition  of  bimetallism  as  the  Boy  Orator  of  the  Platte 
compares  with  those  intellectual  giants  whom  he  seeks  to  imitate, 
but  without  success,  the  immortal  Washington  and  Lincoln.  (Ap- 
plause).    Bimetallism  as  is  understood  in  the  dicussion  of  our  finan- 


cial  question,  is  the  use  of  both  gold  and  silver  as  money;  both  legal 
tender  money,  and  the  legal  ratio  between  the  two  metals  deter- 
mined from  the  commercial  ratio.  Throughout  Mr.  Harvey's  pub- 
lished works  and  lectures  we  find  him  affirming  the  false  principle 
that  money  is  a  creature  of  law,  and  that  bv  operation  of  law  the 
commercial  ratio  between  gold  and  silver  can  be  made  to  conform 
with  the  legal  ratio  of  16  to  i.  Let  us  follow  the  author  of  "Coin's 
Financial  School  for  a  few  moments,  and  see  where  this  false  prin- 
ciple will  carry  us. 

TO-DAY  THE  COMMERCIAL,  RATIO  BETWEEN  SILVER 
AND  GOLD  IS  ABOUT  32  TO  1.  MR.  HARVEY  CLAIMS  THAT 
IF  HIS  THEORIES  ARE  SPREAD  UPON  OUR  STATUTE  BOOKS 
THAT  IN  A  VERY  SHORT  TIME  THE  COMMERCIAL  RATIO 
WILL  BE  16  TO  1.  IF  MR.  HARVEY  POSSESSES  THE  SUPER- 
HUMAN POWER  OF  REDUCING  THE  VALUE  OF  GOLD  ONE- 
HALF,  OR  DOUBLING  THE  PRICE  OF  SILVER,  WHICHEVER 
YOU  WILL,  AND  BRING  THEM  TO  A  COMMERCIAL  PARITY 
AT  16  TO  1,  THEN  INDEED  WOULD  HE  BE  FALSE  TO  THE 
CITIZENS  OF  THIS  REPUBLIC  IF  HE  DID  NOT  ADD  A  LITTLE 
MORE  POWER  TO  HIS  "KEELEY-MOTOR"  THEORY,  (AP- 
PLAUSE) AND  MAKE  THE  COMMERCIAL  RATIO  BETWEEN 
GOLD  AND  SILVER  15  TO  1,  THE  SAME  AS  IT  WAS  IN  1792, 
OR  BETTER  STILL,  IF  IT  IS  A  BLESSING  TO  HUMANITY  TO 
LOWER  THE  RATIO  BETWEEN  GOLD  AND  SILVER,  THEN 
APPLY  A  LITTLE  MORE  OF  THIS  OCCULT  POWER  AND 
MAKE  THE  RATIO  13  TO  1,  THE  SAME  AS  IT  WAS  IN  1620, 
WHEN  OUR  ANCESTORS  CAME  OVER  IN  THE  MAYFLOWER; 
OR  APPLY  THE  SAME  FORCE  WITH  RENEWED  ENERGY 
AND  BRING  THE  RATIO  DOWN  TO  10  TO  1,  THE  SAME  AS 
IT  WAS  IN  1492.  INDEED,  IF  THIS  PRINCIPLE  IS  A  BOON 
TO  HUMANITY,  AND  HIS  THEORIES  ARE  NOT  FALSE,  WHY 
NOT  PUSH  THE  WORK  ALONG  AND  MAKE  THE  RATIO  BE- 
TWEEN GOLD  AND  SILVER   1   TO   1  ?    (APPLAUSE.) 

My  fellow  citizens,  in  following  my  friend  Harvey,  you  are  led 
into  a  labyrinth  abounding  with  impossibilities  and  as  impracticable 
as  the  theory  of  perpetual  motion.  When  the  earth  is  proven  to  be 
flat  instead  of  a  globe,  when  water  runs  up-hill,when  the  law  of  grav- 
itation ceases  to  be  operative,  when  the  tail  wags  the  dog  and  not 
the  dog  the  tail,  then,  and  not  till  then,  may  we  seriously  consider 
these  perpetual  motion,  "Keeley  Motor"  theories  of  Mr.  Harvey  and 
other  double  standard  advocates.  (Great  Applause).  If  we  were 
unable  to  keep  both  metals  circulating  side  by  side  when  there  was 
a  slight  discrepancy  of  only  two  or  three  cents  in  their  intrinsic 
value,  does  any  intelligent  or  sane  man  believe  for  a  moment 
whether  he  is  a  student  of  Coin's  Financial  School  or  not,  that  if  we 
throw  open  our  mints  to  the  free  and  unlimited  coinage  of  52-cent  dol- 
lars, that  they  would  not  at  once  drive  out  of  circulation  the  #630,000- 
000  of  gold,  now  constituting  more  than  one-third  of  our  circulating 
medium?  If  gold,  so  important  a  factor  in  our  medium  of  exchange 
both  at  home  and  abroad,  should  retire  before  silver — the  cheaper 
money  (and  the  light  of  experience  surely  proves  that  it  would)   can 


any  one  doubt  that  we  would  at  once  go  on  to  a  silver  basis?  Can 
any  one  doubt  that  the  $625,300,000  of  silver  now  used  as  money  in 
this  country  would  not  instantly  be  cut  in  two  so  far  as  its  purchas- 
ing power  is  concerned — that  is,  shrink  from  100  cents,  its  face  or 
nominal  value,  to  52  cents,  its  bullion  value?  In  the  light  of  past 
experience  it  would  surely  be  a  sad  commentary  on  our  intelligence 
as  an  enlightened  nation,  if  we  had  learned  nothing  in  100  years.  If 
the  illustrious  Hamilton  and  Jefferson  were  alive,  they  would,  by 
pursuing  the  same  policy  which  actuated  them  in  determining  the 
money  of  the  constitution,  fix  the  ratio  to-day  at  about  32  to  1,  sim- 
ply because  the  relative  or  market  value  of  the  two  metals  has  varied 
to  that  extent. 

Honesty  and  Sober  Jndgment  Needed. 

My  countrymen,  the  questions  involved  in  the  present  campaign 
merit  and  deserve  your  most  careful  thought  and  study.  It  is  the 
sober,  honest  judgment  ot  the  thinking,  reading,  investigating  Amer- 
ican citizen  that  the  Republican  party  is  relying  upon  for  its  support. 
Let  me  give  you  a  few  facts  which  possibly  you  will  consider  worthy 
of  remembrance: 

FIRST.  EVERY  FREE  AND  UNLIMITED  COINAGE  COUNT- 
RY IN  THE  WORLD  IS  ON  A  SILVER  BASIS. 

SECOND.  THERE  IS  NOT  A  GOLD  STANDARD  COUNTRY 
ON  EARTH  BUT  WHAT  USES  BOTH  GOLD  AND  SILVER  AS 
MONEY. 

THIRD.  THERE  IS  NOT  A  SILVER  STANDARD  COUNTRY 
IN  THE  WORLD  THAT  USES  ANY  GOLD  WHATEVER  AS 
MONEY;   AND 

LASTLY,  THERE  IS  NOT  A  SILVER  STANDARD  COUNTRY 
TO  BE  FOUND  IN  THE  GREAT  OCEAN  OF  COMMERCE  THAT 
ROLLS  ALL  'ROUND  THE  WORLD  THAT  HAS  ONE-FOURTH 
AS  MUCH  MONEY  PER  CAPITA  AS  HAS  THE  UNITED 
STATES  AND   OTHER  GOLD   STANDARD  COUNTRIES. 

China,  Japan,  India,  Mexico  and  most  of  the  South  American 
states  are  on  a  silver  basis.  The  United  States,  England,  France, 
Germany,  Belgium,  Sweden  and  others  are  on  a  gold  basis. 

One  of  the  most  interesting  facts  which  the  student  of  finance 
will  encounter,  is  the  vast  difference  of  the  amount  of  money  per 
capita  between  the  gold  standard  and  the  silver  standard  countries. 

Per  Capita  of  Money. 

In  the  countries  on  a  silver  basis  we  find  the  Central  American 
states  with  a  per  capita  of  $3.78,  Japan  with  a  per  capita  of  only 
$4.09,  India  $3.33,  China  $2.08,  Mexico  $5.47.  Now  note  the  differ- 
ence between  these  countries  and  a  few  that  I  will  mention  that  are 
on  a  gold  basis: 

The  United  States  has  a  per  capita  of  $21.10,  England  $19.98, 
France  $36.70,  Germany  $18.78,  Belgium  $27.82. 


In  this  connection,  fellow  citizens,  let  me  impress  upon  your 
minds  the  facts  that  you  cannot  go  into  any  country  on  the  face  of 
the  earth  where  its  mints  are  open  to  free  and  unlimited  coinage  of 
silver  and  find  a  single  gold  coin  circulating  among  the  people, 
moreover,  that  the  silver  standard  country  does  not  exist  where  the 
United  States  gold  dollar,  the  United  States  silver  dollar,  or  the 
United  States  paper  dollar  will  not  purchase  twice  as  much  mer- 
chandise as  any  dollar  which  you  can  find  circulating  among  its  peo- 
ple. I  challenge  the  author  of  Coin's  Financial  School  or  the  Dem- 
osthenes of  Nebraska,  William  Jennings  Bryan,  or  any  one  else,  to 
successfully  contradict  this  statement. 

I  Am  a  Bimetallism 

Personally,  I  am  a  bimetallism  and  confidentially  believe  the 
republican  party,  guided  by  its  wisdom  and  patriotism,  will  during 
the  McKinley  administration,  devise  ways  and  means  by  interna- 
tional agreement  of  autimatically  adjusting  the  unsolved  problem  of 
true  bimetallism,  and  keep  both  gold  and  silver  on  a  parity  at  some 
given  ratio.  Silver  will  then  be  lifted  from  its  place  as  one  of  the 
commodities  of  the  earth  and  dignified  as  money,  side  by  side  with 
gold.  To-day,  I  am  a  bimetallism  an  ardent  and  devoted  one,  in  the 
sense  that  I  desire  to  see  both  gold  and  silver  circulating  "side  bv 
side  as  money,  and  in  the  sense  that  we  can  have  a  greater  per  cap- 
ita of  money  in  this  country  by  using  both  gold  and  silver  as  cur- 
rency, than  we  possibly  could  by  driving  gold  out  of  circulation,  but 
fellow  citizens,  I  disbelieve  utterly  in  the  possibility  of  a  double 
standard.  The  phrase,  "double  standard"  is  a  contradiction  of 
terms.  Standard  means  "correct  measure,"  and  you  cannot  have 
two  different  correct  measures  of  value  any  more  than  you  can  have 
two  different  correct  yard  sticks,  or  two  different  correct  results  from 
a  mathematical  problem,  or  two  different  correct  cyclometers  on  a 
bicycle.  If  one  is  right  the  other  is  wrong,  and  that  is  all  there  is  to 
it.  England  tried  the  imaginary  double  standard  for  470  years,  and 
never  succeeded  in  keeping  the  two  metals  circulating  side  by  side, 
and  finally  gave  it  up  as  an  utter  failure.  France  with  all  the  inge- 
nuity ot  her  inventive  people,  changed  the  ratio  of  gold  and  silver 
118  times  in  twelve  years  in  trying  to  balance  on  the  double  stand- 
ard tight  rope.  We  commenced  trying  it  in  1792,  and  went  on  to  a 
silver  basis  and  remained  there  for  42  years,  or  until  we  changed  the 
ratio  from  15  to  1,  to  r6  to  1,  in  1834.  This  change  of  ratio  placed  us 
on  a  gold  basis,  where  we  remained  for  a  number  of  years.  In  1861 
we  went  on  a  paper  basis  and  remained  there  for  a  number  of  years, 
and  finally  went  back  on  to  a  gold  basis  in  the  common  accepted 
understanding  of  the  question,  where  we  have  since  remained  and 
the  progress  and  prosperity  of  the  United  States  during  the  last  third 
of  a  century  has  been  without  a  precedent  in  the  history  of  the  civil- 

10 


ized  world,  and  yet,  I  believe  with  my  whole  heart,  that  in  the  evolu- 
tion of  this  financial  question,  hastened  on  by  agitation,  a  plain  of 
understanding  will  be  reached  higher  and  beyond  that  which  has 
ever  heretofore  obtained  in  any  of  the  civilized  nations  of  the 
earth,  and  it  will  come  through  deliberations  and  councils  in  the 
republican  party — the  party  of  progress— and  when  it  comes  it  will 
lighten  the  burdens  and   bless  humanity. 

The  Crime  of  '73. 

Air.  Harvey  and  all  silver  advocates  talk  to  us  about  the  crime 
of  1873.  Let  me  say  here  and  now  there  was  no  crime  com- 
mitted in  1873.  directly  or  indirectly. 

IF  THERE  WAS  A  CRIME  COMITTED,  SENATORS  JONES 
AND  STEWART  OF  NEVADA,  THE  PRESENT  HIGH  PRIESTS 
IN  THE  SILVER  MOVEMENT  WERE  THE  CHIEF  CONSPIR- 
ATORS, FOR  THEN,  AS  NOW,  THEY  WERE  AMONG-  THE 
LARGEST  SILVER  MINE  OWNERS  IN  THE  UNITED  STATES, 
AND  THEY  VOTED  FOR  THE  BILL. 

Prior  to  1873  we  had  coined  in  this  country,  all  told,  about  8,000- 
000  of  silver  dollars,  since  1873  we  have  coined  up  to  January  1st, 
i8q6,  $547  914,340  of  silver,  about  $426,000,000  of  which  are  standard 
dollars.  Since  January  1st,  1896,  we  have  coined  over  $13,000,000  of 
standard  dollars.  During  last  August  we  coined  2,650,000  of  silver 
dollars,  and  the  profit  to  the  government — the  people — was  between 
$800,000  and  $900,000. 

WEBSTER  SAYS:  "DEMONETIZATION  IS  TO  DEPRIVE 
OF  VALUE,  OR  TO  WITHDRAW  FROM  USE  AS  CURRENCY." 

Does  it  look  very  much  as  though  we  had  withdrawn  silver  from 
use  as  currency?  In  what  way  have  we  deprived  silver  of  value?  It 
is  a  full  legal  tender  for  all  debts,  public  and  private,  and  without 
limit  as  to  amount,  and  has  been  for  the  last  eighteen  years.  These, 
fellow  citizens,  are  facts  which  you  will  not  find  within  the  covers  of 
"Coin"  Harvey's  books.  It  looks  as  though  we  had  added  value  to 
it,  since  the  silver  dollar  circulates  side  by  side  with  the  gold  dollar, 
notwithstanding  its  bullion  value  is  48  cents  less  than  its  nominal  or 
face  value. 

Consistent  Friend  of  Silver. 

THE  REPUBLICAN  PARTY  HAS  EVER  BEEN  THE  CON- 
SISTENT FRIEND  OF  SILVER  AND  TO-DAY  IS  IRREVOCA- 
BLY COMMITTED  TO  THE  DOCTRINE  OF  INTERNATIONAL 
BIMETALLISM,  BUT  IS  UNALTERABLY  OPPOSED  TO  SILVER 
MONOMETALLISM. 

For  one,  I  am  not  willing  to  see  all  the  gold  in  this  country 
driven  out  of  circulation  and  the  purchasing  power  of  silver  reduced 
to  its  bullion  value.  In  other  words,  I  am  not  ready  to  see  the  per 
capita  of  money  in  this  country  reduced  fully  one-half  and  our  nation 
doing  business  on  a  Mexicanized  silver  basis.  Wages  are  the  last 
schedule  to  advance,  and  as  fully  95  per  cent,  of  the  male  adults  in 


the  United  States  are  wage,  salary  or  fee  earners,  there  would  be 
almost  universal  want,  misery  and  suffering  bequeathed  to  these  peo- 
ple, because  of  such  a  reckless,  unpatriotic  and  unbusiness-like  ex- 
periment. What  party  then  is  the  real  friend  of  silver?  The  party 
that  is  trying  to  maintain  the  parity  of  the  two  metals,  or  the  party 
that  is  protesting  friendship  in  unstinted  terms  and  yet  committed  to 
the  folly  of  reducing  silver  to  its  bullion  value?  Fellow  citizens  the 
proposition  in  a  nutshell  is  this: 

THE  REPUBLICAN  PARTY  BELIEVES  THAT  THE  COIN- 
AGE OF  SILVER  SHOULD  BE  RESTRICTED  BY  LAW  AND 
COINED  ON  GOVERNMENT  ACCOUNT.  MR.  BYRAN  AND  HIS 
FOLLOWERS  BELIEVE  IN  THE  FREE  AND  UNLIMITED 
COINAGE  OF  SILVER  ON  PRIVATE  ACCOUNT.  WHEN  THE 
GOVERNMENT  COINS  SILVER,  UNDER  EXISTING  LAWS,  IT 
GETS  THE  DIFFERENCE  BETWEEN  THE  COST  OF  THE  BUL- 
LION AND  THE  STAMP  THAT  IS  PLACED  UPON  IT.  THIS  IS 
KNOWN  AS  THE  GAIN  OR  SEIGNIORAGE  AND  IS  PAID  IN- 
TO THE  TREASURY  OF  THE  UNITED  STATES  THE  SAME 
AS  IS  PROVIDED  BY  LAW  REGULATING  SUBSIDIARY 
COINS.  IN  THIS  WAY  EVERY  MECHANIC,  EVERY  FARMER, 
EVERY  LABORER,  IN  FACT  EVERY  CITIZEN  OF  THE  UNITED 
STATES  GETS  HIS  PROPORTIONATE  SHARE  OF  THIS  GAIN. 

Do  Not  Demand  Bimetallism. 

What  "Coin"  Harvey  and  the  advocates  of  free  silver  demand 
is  not  bimetallism,  but  the  unlimited  coinage  of  the  silver  dollar,  not 
at  the  just  ratio  of  32  to  1,  but  at  the  unjust  ratio  of  16  to  1,  not  on 
government  account,  but  on  private  account.  To-day  the  govern- 
ment -the  people — are  receiving  the  benefit  of  the  48  cents  on  each 
silver  dollar  coined,  that  being  the  difference  between  the  cost  of  the 
bullion  and  the  face  value  of  the  dollar.  The  government — the  peo- 
ple— will  lose  these  48  cents  if  silver  is  coined  on  private  account. 
The  question  is,  my  countrymen,  who  will  get  these  48  cents  on  each 
dollar,  who  will  be  benefitted  by  this  change?  We  know  the  govern- 
ment will  lose  48  cents  on  each  dollar,  the  question  is,  who  will  re- 
ceive it,  or  will  this  profit,  now  accruing  to  the  government — the 
people — be  lost  as  completely  as  the  value  of  this  building  would  be 
to  the  owner  if  it  burned  to  ashes  and  there  was  no  insurance?  (Ap- 
plause.) I  am  pretty  well  acquainted  with  the  mining  business,  have 
spent  many  years  of  my  life  in  the  mining  districts  of  the  west,  and 
am  the  owner  to-day  of  mining  properties  in  Oregon  and  in  Colo- 
rado, and  also  largely  interested  in  one  of  the  most  noted  silver  min- 
ing properties  in  Old  Mexico,  and  I  know  whereof  I  speak,  when  I 
say  to  you  that  English  capitalists  and  American  silver  kings  own  a 
majority  of  the  stock  of  nearly  every  incorporated  silver  mining 
company  in  this  country  of  any  prominence. 

It  is  beginning  to  look  to  me  like  "there  was  a  pretty  good-sized 
African  in  the  wood  pile  somewhere."     (Laughter  and  applause.) 


Free  Trade  Should  Be  Undone. 

Eight  years  ago,  and  again  four  years  ago,  through  the  influence 
of  the  Cobden  Club,  England  attempted  to  subdue  America.  She 
succeeded  in  prostrating  our  industries,  impoverishing  our  people, 
and  increasing  our  public  debt,  but  let  us  hope  that  the  intelligence 
of  American  citizens  will  rise  up  in  its  full  might  and  undo  the  free 
trade  blunder  of  1892.  It  now  looks  to  me  as  if  there  was  a  gigan- 
tic trust  of  silver  kings  and  English  capitalists  attempting  to  again 
subdue  free  America.  Evidently  there  never  was  such  a  concert  of 
action  in  the  United  States  as  has  taken  place  during  the  last  few 
months  in  regard  to  this  silver  question.  The  rapidity  with  which  it 
has  travelled  all  over  this  country,  to  say  the  least,  has  been  phe- 
nomenal. There  is  an  old  saying,  that  "a  falsehood  will  travel  a 
thousand  miles  while  truth  is  getting  its  boots  on."  Fellow  citizens, 
go  forth  and  tell  the  misguided  advocates  of  free  silver  and  believers 
in  the  false  theories  of  "Coin's"  Financial  School  to  rejoice  in  their 
strength  while  it  is  called  to-day,  for,  by  the  living  God  "truth  has 
its  boots  on"  and  is  marching  triumphantly  out  among  the  people, 
tearing  away  the  webs  and  veils  of  delusion  and  hypocrisy  and  ap- 
pealing to  the  people,  not  to  their  passions,  but  to  their  intelligence, 
their  reason  and  their  honor.  The  people  are  not  ready  to  advance 
by  going  backwards,  they  are  not  ready  to  be  Chinaized.  to  be  Jap- 
anized,  South  Americanized,  Mexicanized  or  subsidized  by  a  coterie 
of  silver  barons  and  English  capitalists,  who  are  attempting  by 
stealth  to  nail  the  wage  earners  and  farmers  of  this  country  to  an 
unholy  cross  of  depreciated  silver.     (Applause.) 

Goes  After  Bryan. 

William  Jennings  Bryan  tells  us  in  his  Knoxville,  Tennessee, 
speech,  that  there  is  no  danger  of  a  silver  flood.  "Coin"  Harvey 
makes  the  same  statement,  notwithstanding  the  world's  production 
of  silver  for  the  year  1894,  at  only  about  63  cents  anounce.amounted 
to  the  fabulous  sum  of  $216,000,000,  a  greater  annual  production  than 
ever  before  in  the  history  of  the  world,  and  only  exceeded  by  the 
output  of  silver  for  the  year  of  1895,  which  amounted  to  $235,000,000, 
and  still  he  claims  there  is  no  danger  of  a  silver  flood.  All  that  Mr. 
Bryan  asks  for  is,  that  the  reins  of  government  and  the  keys  of  the 
United  States  treasury  be  turned  over  to  himself  and  his  followers, 
and  they  will  try  the  experiment.  I  hardly  think  the  people  of  the 
United  States  are  ready  to  invest  in  any  more  political  experiments. 
The  experiment  of  four  years  ago  has  proved  quite  enough.  No 
flood  of  silver!  The  effrontery  and  insult  to  the  intelligence  of 
mankind  by  this  degenerate  democracy  and  silver  advocates  sur- 
passes understanding.  (Applause.)  Fellow  citizens,  the  so-called 
crime  of  1873  is  a  myth  and  destitute  of  substance.  The  so-called 
conspiracy  of  that  year  is  also  a  myth  and  without   substance.     You 

13 


might  just  as  well  go  out  and  from  the  housetop  proclaim  that  the 
horse  has  been  dehorserized,  because  of  a  huge  conspiracy  entered 
into  bv  electricity  and  the  bicycle.  Why  not  ask  that  the  noble  ani- 
mal be  rehorserized,  so  that  its  selling  price  will  be  $150  or  $200,  the 
same  as  it  was  in  "ye  olden  times."     (Applause.) 

Improved  Harvesting  Methods. 

The  old-fashioned  methods  of  reaping  the  yellow  fields  of  wheat 
has  also  been  ousted  by  the  conspiracy  of  the  late  improved  har- 
vester and  binder.  The  old  fashioned  cradle  has  been  decradleized. 
Why  not  form  an  alliance  all  over  this  country  to  recradieize  the 
cradle,  and  make  common  warfare  against  the  up-to-date  binder? 
Even  the  old  McCormick  reaper  has  been  dereaperized  and  the  suc- 
ceeding invention,  the  header,  has  been  deheaderized.and  who  shall 
not  say  in  this  onward  march  of  progress,  in  this  wonderful  advance- 
ment of  our  civilization,  in  this  age  of  discovery  and  invention,  that 
sooner  or  later  the  up-to-date  binder  of  to  day  will  not  be  debind- 
erized  by  the  inventive  genius  of  some  American  citizen?  (Ap- 
plause.) Now,  let  us  see,  fellow  citizens,  what  the  so-called  crime 
of  1873  has  done  for  prices  of  various  commodities.  One  of  the  stock 
declarations  of  Mr.  Bryan  and  Mr.  Harvey  and  their  cohorts  is  that 
prices  should  be  restored  and  wages  should  be  increased.  One  of 
two  things  is  very  apparent,  either  the  framers  of  the  Chicago  plat- 
form did  not  consult  the  statistics  of  the  United  States,  or  else  they 
imagined  the  voters  would  not.  "Coin"  Harvey  and  the  silver  advo- 
cates generally  seek  to  establish  their  position  by  quoting  statistics 
of  average  prices  of  certain  great  commodities  like  wheat  and  cotton 
claiming  that  prices  commenced  falling  in  1873,  and  their  decline 
has  continued  ever  since.  These  arguments  are  those  of  the  delus- 
ionists  and  must  crumble  before  the  evidence  and  the  facts.  Let  me 
say  to  you  that  prices  did  not  commence  falling  in  1873,  Dut  m  1864-5. 

Why  Are  They  Not  Honest? 

If  these  men  are  not  demagogues,  pure  and  simple,  why  do  they 
not  inform  the  "dear  people"  why  prices  fell  more  during  the  eight 
years  precedent  1873  than  they  have  ever  fallen  since? 

"COIN"  HARVEY  HAS  NEVER  EXPLAINED  WHY,  AND 
IF  HE  DID,  HIS  THEORY  WOULD  VANISH  LIKE  THE  MIST 
BEFORE    THE    RISING  SUN  OF  TRUTH. 

For  example,  cotton  fell  from  $1.01  >£  in  1864,  to  17  cents  a  pound 
in  i87i.  Or  wheat  for  instance.  The  average  farm  price  of  wheat 
in  the  United  States  for  the  year  1874  was  q4  cents  a  bushel,  paper 
currency,  or  only  84  cents  a  bushel  in  gold.  The  average  farm 
price  of  wheat  in  the  United  States  for  1891  was  83  cents  a  bushel, 
the  same  in  1890,  while  in  1888  the  average  farm  price  of  wheat  in 
this  country  was  92  cents  a  bushel,  or  6  cents  a  bushel  higher  than 
it  was  in  1874.     Thus  it  will  be  seen  that  an  unfair  and  false  impres- 

14 


sion  is  trying  to  be  created  among  the  people  by  both  Mr.  Bryan  and 
his  followers.  Perhaps  Mr.  Bryan  and  the  free  silver  advocates 
would  like  to  know  where  I  get  my  statistics.  I  answer  them  by 
saying  they  are  taken  direct  from  the  United  States  Statistical  Ab- 
stract, which  deservedly  ranks  high  as  an  authority.  In  looking 
over  this  work  I  could  not  help  wondering  if  "Coin"  Harvey  and  our 
opponents  who  are  shouting  so  loud  and  lustily  for  the  free  and  un- 
limited coinage  of  silver  and  a  restoration  of  prices,  would  not  like 
to  apply  their  cure-all  to  refined  sugar,  which  was  selling  in  1872  at 
1235  cents  per  pound,  and  only  4  3-5  cents  per  pound  in  1892,  or  for 
instance,  illuminating  oil  was  quoted  in  1872  at  23 l/2  cents  a  gallon, 
and  only  5  9-10  cents  per  gallon  in  1892.  Manufacturers  of  bar  iron 
in  1872  were  receiving  #97.63  per  ton  for  their  product,  and  only  $29.96 
a  ton  in  1894.  A  keg  of  nails  cost  $5.46  in  1872,  and  $1.08  in  I894. 
A  box  of  window  glass  that  cost  $3.4o  in  1873,  sold  only  at  $1.70  in 
1891.  A  carpet  that  cost  $1.14  a  yard  in  1873,  can  be  purchased  to- 
day for  36  cents  a  yard.  The  steamboat  transportation  companies 
hauling  wheat  from  Chicago  to  New  York  City,  by  lake  and  canal, 
are  receiving  a  compensation  to-day  of  a  little  less  than  ^l/2  cents  a 
bushel,  but  in  1873  they  were  receiving  24 l/2  cents  per  bushel,  for 
every  bushel  they  carried. 

Shall  Prices  Be  Restored. 

The  question  is,  do  the  people  of  the  United  States  want  these 
prices  restored? 

WE  ARE  WILLING  AS  AMERICANS  THAT  AMERICAN 
INDUSTRIES  AND  HOME  COMPETITION  SHALL  ADJUST 
PRICES,  BUT  WE  ARE  NOT  WILLING  THAT  PRICES  OF  LABOR 
SHALL  BE  ADJUSTED  IN  THIS  COUNTRY  BY  AMERICAN 
WORKMEN  ENTERING  INTO  COMPETITION  WITH  THE  PAU- 
PERIZED LABORERS  OF  EUROPE. 

From  the  same  reliable  statistics  and  undoubted  authority  we 
find  that  wages  have  materially  advanced  in  this  country  during 
the  last  third  of  a  century.  The  increase  from  the  old  double  stand- 
ard wages  of  i860  to  those  of  1890,  have  been  no  less  than  58  per 
cent,  in  money,  and  72  per  cent,  in  purchasing  power.  This  does 
not  look  very  much  like  a  falling  off.  I  will  admit  that  the  price  of 
wheat  has  declined  and  declined  rapidly  since  1892,  but  you  must 
remember  that  Grover  Cleveland  was  elected  president  that  year 
and  is  still  in  the  White  House.  Give  us  back  a  protection  that  pro- 
tects, and  we  will  not  only  insure  abundance  of  labor  for  all  our  peo- 
ple, but  will  guarantee  that  farm  products  generally  will  command 
better  prices.     (Applause). 

FELLOW  CITIZENS,  I  EARNESTLY  BELIEVE  THAT 
"COIN"  HARVEY  AND  ALL  THOSE  WHO  ARE  ADVOCATING 
THE  FREE  AND  UNLIMITED  COINAGE  OF  SILVER  AT  THE 
UNJUST  AND  UNTRUE  RATIO  OF  16  TO  1,  AS  A  NOSTRUM 
FOR  OUR  ILLS,  ARE  ADVOCATING  A  THEORY  AS  MISLEAD- 

15 


ING  AS  IT  IS  WICKED  AND  UNHOLY.  NO  THEORY  MORE 
FALSE  WAS  EVER  ADVANCED  OR  CALCULATED  TO  MORE 
THOROUGHLY  DECEIVE  THE  EARNEST,  INDUSTRIOUS,  GOD 
FEARING  PEOPLE   OF   THIS  NATION. 

Let  us  undo  the  free  trade  blunder  of  1892  and  we  will  hear  no 
more  about  the  mythical  crime  of  1873.     (Applause.) 

Protective  Tariff  the  Remedy. 

My  friends,  a  tariff  that  protects;  reciprocity  that  opens  up  a 
market  for  our  surplus  articles  from  the  American  farm  and  the 
American  factory;  a  sound  currency,  and  the  business  confidence 
which  will  follow,  are  the  remedies  for  the  unfortunate  condition  of 
bankruptcy  into  which  the  country  has  been  submerged  by  political 
stupidity. 

THE  QUESTION  IS  SIMPLY  ONE  OF  HONESTY  OR  DIS- 
HONESTY. 

Shall  thrift  and  economy  be  rewarded  by  robbery?  Shall  the 
widow's  mite  and  the  savings  deposited  in  the  banks  of  this  country 
be  cut  in  two  by  changing  our  money  to  silver  monometallism? 
Shall  the  two  and  a  half  billions  of  school  bonds  from  all  over  the 
country,  held  by  English  and  American  capitalists  and  payable  in 
gold,  be  doubled,  and  a  double  tax  fall  upon  the  shoulders  of  the 
tax  payers  of  this  nation?  Shall  the  toilers  of  this  land,  the  wage- 
earners  on  farm  and  in  factory,  be  robbed  every  Saturday  night  of 
one-half  of  their  weekly  wages? 

Laborers  Shall  Be  Honestly  Rewarded. 

NO.  THIS  BLOT  OF  REPUDIATION  SHALL  NOT  SMIRCH 
THE  UNTARNISHED  ESCUTCHEON  OF  AMERICAN  PATRIOT- 
ISM, NEITHER  SHALL  THE  TOILING  MASSES  RECEIVE  AS 
THEIR  REWARD  FOR  HONEST  LABOR  A  'MESS  OF  DEPRE- 
CIATED  SILVER    POTTAGE." 

We  are  now  asked  to  desert  the  old  ship  of  state  that  has  carried 
this  nation  through  many  storms,  through  many  conflicts,  and  invar- 
iably anchored  us  in  the  snug  harbor  of  safety  and  maintained  our 
country  on  the  map  of  the  world,  and  added  many  stars  to  the  old 
flag.  We  are  asked  by  these  new  and  false  prophets  of  finance  to 
destroy  this  grand  old  ship,  freighted  with  the  hopes  and  ambitions 
of  seventy  millions  of  free  American  citizens;  this  old  ship  tested  by 
time,  tried  by  adversity,  taut  and  trim  as  a  May  queen  and  invinci- 
ble as  a  Bessemer  steel  iron  cladder,  a  ship  that  was  launched  by 
Washington  and  the  patriots  of  100  years  ago,  and  piloted  by  such 
noble  men  as  Lincoln,  Grant,  Garfield  and  Hayes.  We  are  asked  to 
desert  this  ship  of  known  safety,  and  embark  in  an  untried  craft 
and  sail  away  on  the  turged  waters  of  an  unknown  sea.  A  craft 
manned  by  a  free  silver  captain,  piloted  by  free  tradeism,  and  bal- 
lasted with  bombs  of  anarchy  and  repudiation;  a  craft  whose  very 
slimy  plank  is   reeking   with   condemnation;  whose   mutinous  crew 

16 


are  ready  to  scuttle  her  in  mid  ocean;  whose  worthless  and  shoddy 
sails  are  fanned  by  the  angry  breath  of  high  heaven;  and  whose 
nearest  port  is  bankruptcy  and  perdition.  (Long  continued  ap- 
plause.) 

MY  FELLOW  CITIZENS,  THE  TRUE  SOLUTION  OF  THE 
PRESENT  FINANCIAL  DEPRESSION  LIES  ALONG  OTHER 
LINES,  AND  THIS  BRINGS  US  FACE  TO  FACE  WITH  THE 
REAL  PROBLEM. 

Perhaps  you  have  noticed  already  in  this  campaign  that  no  one 
is  quite  so  digusted  with  remarks  on  the  tariff  as  a  Byranized  demo- 
crat or  a  populist?  The  impoverished  condition  of  the  country,  re- 
sulting from  the  free  trade  crime  of  1893  is  so  apparent  on  every 
hand  that  when  we  lay  the  skeletons  at  their  doors  they  frankly  con- 
fess judgment,  but  tell  us  that  other  questions  of  more  vital  import- 
ance are  now  before  the  people. 

MY  FRIENDS,  THE  ENDLESS  CHAIN  OF  AMERICAN 
PROSPERITY  HAS  BEEN  BROKEN  AND  NEVER  WILL  BE 
MENDED  UNTIL  THE  DRAWN  FIRES  FROM  OUR  FURNACES 
ARE  REKINDLED  AND  THE  FREE  TRADE  SMOKE  CONSUM- 
ERS ARE  REMOVED  FROM  THE  TALL  CHIMNEYS  IN  OUR 
MANUFACTURING   DISTRICTS.     (APPLAUSE.) 

A  Principle  Upheld    By  Statesmen. 

It  is  not  in  any  exulting  spirit  that  we  refer  to  a  protective  tariff, 
but  rather  because  it  is  a  great  and  underlying  principle  of  national 
prosperity;  a  principle  bequeated  to  this  nation  by  Washington,  up- 
held by  Henry  Clay,  fostered  by  Abraham  Lincoln,  championed  by 
William  McKinley,  and  supported  by  the  reciprocity  of  James  J. 
Blaine.  Prior  to  the  free  trade  crime  of  1892,  we  heard  nothing 
about  a  diminished  gold  reserve. 

IN  THOSE  HALCYON  DAYS  CONFIDENCE  FLEW  ABROAD 
IN  THE  LAND  ON  THE  WINGS   OF    PROSPERITY. 

Capital  was  freely  invested  and  labor  employed  at  the  highest 
wages.  The  gold  reserve  occasioned  no  uneasiness  and  required 
no  thought.  Instead  of  acting  as  an  alarmist  it  steadily  grew,  acting 
as  a  balance  wheel  to  an  ever-increasing  confidence.  The  surplus 
was  employed  in  paying  off  the  national  debt;  and  during  President 
Harrison's  administration  our  national  indebtedness  was  reduced 
almost  as  much  as  it  has  been  increased  by  the  present  administra- 
tion. What  has  happened  during  the  last  three  and  a  half  years  of 
grace? 

THE  ALLURING  AND  MUSICAL  HUM  OF  INDUSTRY  IS 
NO  LONGER  HEARD  IN  THE  LAND  OF  FREEDOM.  THE 
PENDULUM  OF  TIME  HAS  SWUNG  BACK  AND  REVEALED 
TO  THE  AMERICAN  PEOPLE  THE  GHASTLY  SKELETON  OF 
WANT  AND  FORCED  IDLENESS  CONCEALED  IN  THE  FREE 
TRADE    CLOSET. 

Our  great  commercial  institutions  have  fallen  into  a  most  de- 
plorable and  unhappy  state,  misery  and  want,  with  pinched  and  sor- 
rowful  countenances  are  walking  hand   in  hand    up  and  down  by 

17 


deserted  workshops.  The  honest  face  of  toil  blushes  as  hunger 
drives  him  to  eat  the  bread  of  charity.  The  stilled  wheels  of 
industry  throughout  our  land,  and  deserted  and  idle  farms  are  in- 
deed eloquent  in  their  silence  in  behalf  of  a  protective  tariff.  (Ap- 
plause.) Capital  that  was  formerly  employed  in  manufacturing 
enterprises  has  been  withdrawn,  while  the  balance  of  trade  with 
other  nations  is  frightfully  against  us. 

England  Has  Been  Served. 

IF  ENGLAND  HAD  HAD  A  POLITICAL  PARTY  MANU- 
FACTURED TO  ORDER  BY  THE  MOST  SKILLED  ARTISANS  OF 
THE  EARTH,  SHE  COULD  NOT  HAVE  HAD  ONE  MADE  THAT 
WOULD  MORE  FAITHFULLY  SERVE  HER  COMMERCIAL  PUP- 
POSES  THAN  HAS  THE  PRESENT  ADMINISTRATION. 

Let  us  briefly  inquire  into  the  cause.  Take,  for  instance,  the 
sheep  and  wool  industry,  which  a  few  years  ago  was  a  prominent 
one  in  your  state.  Under  the  stimulus  of  protection,  we  had  in 
this  country  in  1884,  50,500,000  sheep.  Then  Grover  Cleveland  was 
elected  president,  and  this  was  followed  by  the  democratic  free  wool 
indictment  of  1885,  known  as  the  Mills  bill.  The  wool  growers  of 
America  became  alarmed,  they  fattened  and  sold  their  sheep  to  the 
butchers  by  the  millions.  This  slaughter  continued  for  four  years, 
or  until  Gen.  Harrison  was  elected  to  the  presidency  in  1888.  The 
authenic  statement  shows  that  the  number  of  sheep  had  been  re- 
duced in  this  country  from  50,500,000  in  1884  to  41,300,000  in  1888. 
President  Harrison's  election  stopped  the  slaughter,  and  under  the 
stimulus  of  the  McKinley  law  the  industry  gained  rapidly  and  at 
the  close  of  Mr.  Harrison's  administration  the  total  number  of 
sheep  in  the  United  States  was  47,800,000.  (Applause.)  In  1892 
Mr.  Cleveland  was  again  elected  president.  This  was  followed  by 
the  repeal  of  the  McKinley  law  and  the  enactment  of  legislation 
hostile  to  the  wool  industry.  During  the  last  three  and  a  half  years 
the  number  of  sheep  in  this  country  has  been  reduced  from  47,800,- 
000  to  38,500,000,  or  fewer  sheep  than  there  was  in  this  country  in 
1873, or  at  anY  tirne  since  the  so-called  crime  of  that  year.  So  much 
fellow  citizens,  for  the  democratic  free  wool  joke  on  the  American 
people. 

He  Talks  of  Wool. 

Now  let  us  talk  for  a  few  moments  about  the  price  of  wool.  For 
ten  years  preceding  the  repeal  of  the  McKinley  law,  the  average 
price  of  Ohio  X.X. Washed  woo)  in  the  Boston  market  was  a  little  over 
31  1-5  cents  per  pound.  April  1,  1896  wool  was  quoted  in  the  same 
market  at  18  cents  a  pound.  Such  a  startling  contrast  in  prices 
needs  no  comments.  As  millions  of  our  sheep  were  slaughtered  we 
were  compelled  to  import  wool  and  woolen  textiles  into  this  country 
sending  our  money  abroad,  which  should  have  been  paid  to  the 
American   farmer  and    sheep   raiser.     Instead  of  this   we  paid  our 

18 


money  over  to  foreigners  in  exchange  for  wool  and  woolen  textiles, 
which  came  into  this  country  like  a  flood  when  the  McKinley  law 
was  repealed  and  the  duty  removed.  The  result  was  that  the  woolen 
mills  of  America  were  practically  all  shut  down  and  thousands  upon 
thousands  of  American  workingmen  and  women  were  thrown  out  of 
employment,  and  in  turn,  were  unable  to  purchase  the  products 
from  the  American  farm.  No  wonder  the  American  farmer  found  a 
ready  market  for  his  potatoes  in  1892,  when  all  our  people  were  em- 
ployed, at  from  50c  to  60c  a  bushel;  and  to-day,  when  our  people  are 
unemployed,  the  farm  price  of  potatoes  is  from  25c  to  30c  a  bushel. 
Let  us  see  what  sort  of  a  stewardship  has  been  going  on  in  this 
country  for  the  last  few  years.  For  the  twenty-five  months  ending 
November  1,  1892,  our  balance  of  trade  with  other  nations  was  in 
our  favor  to  the  extent  of  $28,245,641.  That  is  what  the  McKinley 
law  and  protection  did  for  this  country.  That,  fellow  citizens,  is 
what  we  call  good  business  methods.  Selling  to  other  nations  more 
than  we  purchased  from  them  to  the  extent  of  $28,245,641,  or  an 
average  of  $1,129,822  per  month,  or  $37,660  per  day.     (Applause.) 

What  the  Record  Is. 

Now,  let  us  look  at  Mr.  Cleveland's  record  for  the  fifteen  months 
ending  December  1,  1895 — this,  you  will  remember,  was  under  the 
Wilson  bill.  We  find  the  balance  of  trade,  instead  of  being  in  our 
favor,  was  against  us  to  the  enormous  amount  of  $70,494,044.  or  an 
average  of  $4,699,603  per  month,  or  $153,653  per  day.  That,  fellow 
citizens,  is  a  pretty  good  sized  daily  loss.  That  is  what  we  call  re- 
markably poor  business  methods,  and  so  does  every  one  within  the 
hearing  of  my  voice  who  is  disposed  to  be  fair  in  the  consideration 
of  this  question.  But  why  speak  further  of  the  evils  of  free  trade,  or 
multiply  examples  of  the  blessings  of  protection.  The  record  of 
the  last  three  and  a  half  years  has  been  an  object  lesson,  both  im- 
pressive and  eloquent.  It  is  gratifying  to  note  that  some  of  the  ultra 
free  traders  in  1892  are  the  most  pronounced  protectionists  in  1896. 
Many  of  the  old  time  democrats  who  are  proud  of  the  traditions  of 
their  party,  proud  of  the  principles  which  they  have  cherished  for  so 
many  years,  are  refusing  to  follow  the  platform  adopted  by  the 
degenerate  democracy  of  1896.  Let  us  mete  out  justice  to  whom 
justice  is  due. 

WHEN  THE  FLAG  OF  OUR  COUNTRY,  WAVING  ABOVE 
FORT  SUMTER  WAS  FIRED  UPON  BY  THE  ENEMIES  OF 
GOOD  GOVERNMENT,  THOUSANDS  UPON  THOUSANDS  OF 
THE  DEMOCRATS  OF  THE  NORTH  FORGOT  THEIR  POLITICS, 
SHOULDERED  THEIR  MUSKETS  AND  BECAME  PATRIOTS. 
(APPLAUSE.)  THIS  YEAR  OF  GRACE,  1896,  WHEN  THE  GUNS 
OF  ANARCHY  AND  SOCIALISM  ARE  DIRECTED  AGAINST 
THE  SUPREME  COURT  OF  THE  UNITED  STATES  AND  THE 
NATION'S  HONOR  AND  CREDIT,  THESE  SAME  DEMOCRATS 
BY  THE  TENS  OF  THOUSANDS  ARE  TURNING  FROM  THAT 
PLATFORM  OF  REPUDIATION  AND  ARE  THE  STANCHEST 
OF  PATRIOTS.     (APPLAUSE.) 


Spirit  of  Revolution. 

It  cannot  be  denied  that  a  spirit  of  wantonness  and  revolution 
prevailed  at  the  Chicago  convention,  repudiation  was  openly  advo- 
cated on  the  floor  of  the  convention  hall  and  made  a  part  of  the 
platform  adopted.  The  red  hand  of  anarchy  grappled  the  throats 
of  all  who  dared  oppose  the  extreme  measures  advocated  by  that 
seething  sea  of  restless  agitators.  I  wish  to  draw  a  line  of  demark- 
ation,  clear  and  distinct,  between  the  old  Simon-pure  democracy  of 
Hamilton  and  Jefferson,  and  this  new  degenerate  democracy  of 
Bryan,  Tillman  and  Altgeld.  It  is  true  the  framers  of  the  Chicago 
platform  claim  the  name,  but  the  tenants  and  faith  are  strangely  at 
variance  with  the  traditions  and  principles  of  the  old  Jeffersonian 
doctrine.  My  countrymen,  it  is  not  alone  the  volume  of  money 
which  the  people  want,  but  they  demand  its  activity  in  trade  and 
commerce.  If  you  ask  me  how  this  can  best  be  accomplished,  I  will 
answer  by  saying,  protect  American  industries  and  universal  confid- 
ence will  surely  follow.     (Applause.) 

Great  Is  Confidence. 

CONFIDENCE  IS  THE  SHIBBOLETH  OF  PROSPERITY. 

CONFIDENCE  THAT  GOOD  DOLLARS  MEAN  WELL  PAID 
LABOR. 

CONFIDENCE  THAT  WELL  PAID  LABOR  MEANS  GOOD 
TIMES. 

CONFIDENCE  THAT  WAGES  PAID  TO  AMERICAN  WORK- 
INGMEN  WILL  POSSESS  THE  SAME  PURCHASING  POWER  AS 
THE  BEST  MONEY  IN  THE  CIVILIZED  WORLD. 

CONFIDENCE  THAT  A  PENSION  POLICY,  JUST  AND  GEN- 
EROUS TO  OUR  LIVING  HEROES,  WILL  BE  RESTORED. 

CONFIDENCE  THAT  NO  OLD  SOLDIER  IS  TO  BE  DEPRIVED 
OF  HIS  QUARTERLY  CHECK  WITHOUT  TRIAL  BY  JUDGE  OR 
JURY. 

CONFIDENCE  THAT  THE  REPUBLICAN  PARTY  WILL 
MAINTAIN  A  REDEEMER  FOR  EVERY  SILVER  DOLLAR 
COINED. 

CONFIDENCE  THAT  A  RETURN  OF  THE  REPUBLICAN 
PARTY  TO  POWER  WILL  START  EVERY  MILL  AND  FACTORY 
IN  THIS  COUNTRY,  WITHOUT  THE  AID  OR  CONSENT  OF  ANY 
OTHER  NATION  OR  NATIONS  ON  THE  FACE  OF  THE  EARTH. 

CONFIDENCE  THAT  INTERNATIONAL  BIMETALLISM,  SO 
ABLY  ADVOCATED  DURING  PRESIDENT  HARRISON'S  AD- 
MINISTRATION, WILL  BE  VIGOROUSLY  PROMOTED  BY  THE 
MCKINLEY  ADMINISTRATION.     (GREAT  APPLAUSE.) 

CONFIDENCE  THAT  A  VOTE  FOR  MCKINLEY  AND  HO- 
BERT  IS  A  VOTE  FOR  THE  HOME  AND  THE  FIRESIDE. 

CONFIDENCE  THAT  VERMONT  AND  MAINE  HAVE  PEN- 
CILED A  BRIGHT  PROPHECY  OF  HOPE  IN  THE  EASTERN  SKY. 

CONFIDENCE  THAT  THE  DRAGON  HEAD  MONSTER  OF 
STATE  RIGHTS  IS  NOT  TO  BE  RESURRECTED  IN  THIS  COUN- 
TRY.    (APPLAUSE.) 

CONFIDENCE  THAT  SOUND  MONEY  AND  PROTECTION 
ARE  THE  PILLARS  OF  JACKIN  AND  BOAZ  IN  THE  TEMPLE 
OF  AMERICAN  HONOR  AND  PROSPERITY. 


CONFIDENCE  THAT  THE  SUPREME  COURT  OF  THE 
UNITED  STATES  IS  TO  REMAIN  OUR  BULWARK  OF  JUSTICE 
AND  ALL  THE  GATES  OF  HELL  SHALL  NOT  PREVAIL 
AGAINST  IT.     (APPLAUSE.) 

Proud  of  Being  a  Republican. 

Fellow  citizens,  I  am  a  republican  and  proud  of  my  party's  hist- 
ory. The  history  of  the  United  States  has  been  made  rich  and  re- 
splendent with  victories  and  achievements  of  our  party.  We  are 
proud  of  our  nation's  history  from  its  earliest  dawn  down  to  the 
present,  and  for  the  valuable  lessons  it  has  taught.  We  would  not 
expunge  or  obliterate  a  single  line.  We  accept  it  as  a  whole,  from 
Plymouth  Rock  to  Bunker  Hill,  from  Bunker  Hill  to  Fort  Sumter, 
from  Fort  Sumter  to  Appomattox,  and  from  Appomattox  down  to 
the  campaign  of  1896.  We  dedicate  crowns  of  laurel  for  the  giants 
who  have  evolved  the  mighty  principles  and  tenets  of  the  repub- 
lican party — Washington  and  Grant,  Blaine  and  Logan,  Sherman 
and  Garfield,  Harrison  and  McKinley,  and  most  of  all,  that  gentle 
soul,  that  man  of  equal  poise,  whose  peer  has  never  lived  since  the 
days  of  blessed  Galilean — Abraham  Lincoln!  (Applause.)  Our 
history  is  one  of  greatness  and  sublimity.  lis  pages  are  rich  with 
the  names  of  orators  more  eloquent  than  a  Burke,  with  the  names  of 
statesmen  more  acute  than  the  "Iron  Chancellor"  and  the  names  of 
warriors  greater  and  mightier  than  Napoleon. 

IN  THE  DARK  AND  TURBULENT  DAYS  OF  THE  REBEL- 
LION, THE  REPUBLICAN  PARTY,  WITH  THE  ASSISTANCE  OF 
DEMOCRATIC  PATRIOTS,  SAVED  THIS  NATION,  WHILE  NOW 
IN  THE  CLOSING  DAYS  OF  THE  NINETEENTH  CENTURY,  BY 
THE  LIVING  GOD,  PATRIOTS  WILL  SAVE  AND  PROTECT  OUR 
NATION'S   HONOR. 

Ours  is  the  greatest  nation  on  earth,  and  the  possibilities  of  the 
future  are  almost  limitless;  if  we  make  no  mistake  in  the  great  prin- 
ciples of  protection,  reciprocity  and  a  sound  currency,  which  have 
for  their  immediate  object  the  betterment  of  the  conditions  of  the 
wage-earners  of  this  land. 

Marching   to   Greatest  Victory. 

Following  the  leadership  of  our  gallant  standard  bearer,  that 
brave  civilian  soldier  on  the  field  of  battle,  that  statesman  without  a 
peer,  that  friend  of  the  toiling  millions,  that  companion  of  every 
old  soldier,  that  invincible  leader  of  men,  Major  McKinley.we  are  ad- 
vancing proudly  on  to  the  greatest  political  victory  of  modern  times. 
In  the  life  of  Major  William  McKinley,  we  find  nothing  but  purity 
and  ability,  bravery  and  compassion,  and  I  promise  you  that  on  the 
fourth  day  of  next  March  he  will  be  inaugurated  president  of  this 
republic;  a  republic  whose  flag,  "Old  Glory,"  the  stars  and  stripes, 
floats  over  seas  and  land,  peerless  and  without  price,  the  emblem  of 
power  and  protection  to  all.  My  friends,  we  must  restore  our  protec- 


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tive  system.  Already  it  has  accomplished  wonders  for  the  laborers 
of  America,  and  its  mission  in  behalf  of  prosperity  and  posterity  has 
only  commenced.  It  has  enabled  us  to  perfect  a  system  of  finance 
that  is  a  marvel  to  all  nations,  and  has  raised  our  credit  to  a  place 
among  the  first  countries  of  the  earth.  It  has  elevated  the  manhood 
of  every  American  citizen,  dignified  labor,  and  instilled  a  more  uni- 
versal education  throughout  our  land  than  can  be  found  in  any  other 
civilized  country  on  the  face  of  the  globe.  It  has  made  the  flag  of 
our  nation  emblematical  of  love,  liberty,  protection,  reciprocity,honor 
and  all  that  is  great  and  grand  of  human  thought.  Major  William 
McKinley  is  our  Bruce  at  Bannockburn  in  this  struggle  for  national 
honor,  unlimited  labor  and  higher  wages.  In  the  golden  casket  of 
his  great  soul  rests  the  immortal  principles  which  we  advocate,  and 
in  his  heart  burns  the  undying  fire  of  love  for  America  and  Ameri- 
can institutions.  The  righteousness  of  our  cause  is  our  strength,  while 
he  is  our  hope  and  will  lead  us  triumphantly  on  to  certain  and 
splendid  victory.  (Applause.)  But  what  about  William  Jennings 
Bryan? 

"Like  a  comet  he  rose  to  our  vision, 
Like  a  comet  he  soon  will  depart; 

And  'tis  certain  his  untimely  going 
Will  chill  every  popocrat's  heart, 

In  the  coming  cyclone  of  November 
We  know  his  race  will  be  run, 

And  forever  and  aye,  oh,  let  him  remember, 
How  our  leader,  McKinley  has  won." 

(Great  Applause.) 


DcKnvcn  &  Co.,  Printers,  Chicago,  III. 


NOTE:— For  copies  of  this  speech 

ADDRESS:      709   CHAMBER    OF    COMMERCE 
BUILDING,   CHICAGO,    ILL. 


23 


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